REPUBLIC OF KENYA NAIROBI COUNTY C/S NO 3959 PICEA STAFF SAVINGS & CREDIT CO-OPERATIVE SOCIETY LTD BALANCE SHEET & FINAL ACCOUNTS

Transcription

1 REPUBLIC OF KENYA NAIROBI COUNTY C/S NO 3959 PICEA STAFF SAVINGS & CREDIT CO-OPERATIVE SOCIETY LTD BALANCE SHEET & FINAL ACCOUNTS AS AT 31 ST DECEMBER, 2015 Ministry of Industrialization and Enterprise Development, P.O. Box , Tel Fax / / Website: NAIROBI

2 Society Information Management and Supervisory Committee Members MANAGEMENT COMMITTEE MEMBERS CHAIRMAN VICE CHAIRPERSON TREASURER SECRETARY MEMBER MEMBER MEMBER MEMBER MEMBER HENRY GISUMWA JOSEPH OWUOR EVANS NDIRANGU JULIUS KITHEKA HARRISON GONGO FELIX YWAYA BENJAMIN MUVEA VERONICA KAMAU SILVESTER SHIRIBWA SUPERVISORY COMMITTEE MEMBERS CHAIRMAN SECRETARY MEMBER JOHN NGUGI AGNES KAHENYA JACQUELYN WAMBUA REGISTERED OFFICE BISHOPS GARDEN TOWERS P.O BOX NAIROBI PRINCIPAL BANKER CO-OPERATIVE BANK OF KENYA UPPER HILL BRANCH AUDITORS MINISTRY OF INDUSTRIALIZATION & ENTERPRISE DEVELOPMENT P.O Box NAIROBI Page 1

3 Contents Page Society Information 1 Report of the management Committee 2 Statistical Information 3 Statement of the Management Committee's Responsibilities 4 Report of theindependent Auditor 5 Financial Statements Income Statement 6 Balance Sheet 7 Statement of Changes in Equity 8 Cash Flow Statement 9 Notes 10 to 15

4 REPORT OF THE MANAGEMENT COMMITTEE The members of the management committee submit their annual report together with the Audited financial statement for the year ended 31st December 2015 INCORPORATION The society is incorporated in Kenya under the cooperative society Act.cap 490 of 1997 ammended 2004 and is domicilled in Kenya. Principal Activity The principal activity of the society is receiving saving from and provision of loans to its members. Results Surplus before tax 516, , Net Surplus(deficit) 516, , Retained Surplus/loss for the Year 13, , Management Committee The members of the management committee who served during the year and to date of this report is as listed on page 1 By order of Management Committee Signature Date Secretary. Page 2

5 Statistical Information as at 31st December Number of members Active Dormant Financial Share Capital 7,501, ,598, Member Deposits 183,988, ,516, Statutory Reserve Fund 1,205, ,101, Retained earnings 407, , Current assets 31,729, ,105, Current liabilities 40,377, ,790, KEY RATIO Liquidity Ratio 0.79:1 1:01 Percentage of expenses to revenue 19.49% 18.80% Page 3

6 Annual Report and Financial Statements for the year ended 31st Dec,2015 Income statement for the year ended 31st December 2015 REVENUE NOTES Interest on members loans 21,013, ,808, Interest Expense 3 (17,000,000.00) (14,000,000.00) Net Interest Income 4,013, ,808, Other operating income 2 600, , Net Revenue 4,614, ,854, Administrative Expenses 4 (3,085,958.25) (2,347,498.35) Other Operating Expenses 5 (1,011,917.59) (1,009,794.75) (4,097,875.84) (3,357,293.10) Net operating surplus/deficit before tax 516, , Net operating surplus/deficit after tax 516, , % transfers to Statutory reserve (103,303.00) (99,165.00) Surplus available for distribution 413, , Provision for Honoraria (400,000.00) (350,000.00) Surplus to Retained Earnings 13, , Page 6

7 Balance Sheet as at 31st December, 2015 ASSETS NOTES Cash and Cash equivalent 6 23,959, ,776, Trade and other receivables 7 7,769, ,318, Loans to Members 8 185,176, ,830, Other financial Assets 9 10, , Jipange land 10 16,400, ,400, Property, Plant & Equipment , , Total Assets 233,480, ,401, LIABILITIES Members Deposits ,988, ,516, Trade and accrued expenses 13 1,203, ,094, Sundry creditors , , Interest on members deposits 15 17,000, ,000, Jipange Savings 16 21,707, ,172, Total Liabilities 224,365, ,306, SHARE HOLDERS FUNDS Share Capital 17 7,501, ,598, Reserves 18 1,613, ,496, Total Shareholders' Funds 9,114, ,094, Total Liabilities and Share holders Equity 233,480, ,401, The financial statement on pages 6-15 were authorized by the management committee on and signed on its behalf by, CHAIRMAN. SECRETARY TREASURER DATE. Page 7

8 STATEMENT FOR CHANGES IN EQUITY FOR THE YEAR ENDED 31ST DECEMBER, 2015 NOTES SHARE RETAINED STATUTORY TOTALS CAPITAL EARNINGS RESERVE Year ended 31/12/2014 At start of the year 4,583, , ,002, ,932, Surplus for the Year 497, , Statutory Reserve fund (99,165.00) 99, Share capital issue 2,014, ,014, Provision for tax Provision for Honoraria (350,000.00) (350,000.00) Balance C/F 31/12/2014 6,598, , ,101, ,094, Year ended 31/12/2015 At start of the year 6,598, , ,101, ,094, changes of accounting policy Contribution for the year Surplus for the Year 516, , % Statutory Reserve fund (103,303.00) 103, Share capital issue 903, , Proposed dividends Provision for Honoraria (400,000.00) (400,000.00) Balance C/F 31/12/2015 7,501, , ,205, ,114, Page 8

9 Cashflow for the year ended 31st December, Cashflows from operating activities Interest Receipts 21,013, ,808, Other Operating income 45, , Interest payment (14,000,000.00) (10,438,234.45) Payment to Employees & Suppliers (3,991,780.84) (3,300,572.10) 3,066, ,115, Increase/Decrease in Operating Assets Loans to Members (22,345,431.16) (27,069,444.60) Trade and other receivables (1,450,807.00) 1,937, (23,796,238.16) (25,131,714.60) Increase/Decrease in Operating Liabilities Deposits from members 28,472, ,913, Trade and accrued expenses (326,528.06) (127,378.00) Sundry creditors (57,725.00) (448,729.00) 28,088, ,337, Net cashflow from operating activities 7,358, ,321, Net cashflow from investing Purchase of Fixed asset (170,500.00) - Purchase of land - (16,400,000.00) Dividends received (170,500.00) (16,399,530.00) Cashflow from financing activities Interest income 555, Increase in share capital 903, ,014, Jipange contributions 535, ,235, ,994, ,250, Net Decrease/Increase in cash and cash equivalent 9,183, ,171, Cash and cash equivalent at the beginning of the year 14,776, ,605, Cash and cash equivalent at the end of the year 23,959, ,776, Page 9

10 Notes to the Audited Accounts as at Summary of significant Accounting Policies The principal accounting policies adopted in the preparation ofthese financial statements are set out below a) Statement of compliance & basis of Preparation The financial statement are prepared in accordace and comply with International Reporting Standards. This financial statement are presented in the functional currency, Kenya Shillings (Kshs) and prepared under the historical cost convention, as modified by revaluation of assets as prescribed by IFRS. b) Revenue Recognition Interest on loan to members is calculated on reducing balanceing method at monthly rate of 1%. Interest income is recognized on a time proportion basis by reference to the principal outstanding and the effective interest rate applicable. c) Property,Plant and Equipment All property,plant and equipment are initially recorded at cost. Certain classes of property, plant and equipment are subsequently shown at revalued amount, based on periodic valuation by the independet valuers. All the other property, plant and equipment are stated at historical cost less depreciation. Depreciation is calculated using the straight line method to write down the cost of each asset to its residual value over estmated useful life. The annual depreciation rate in use are Assets Rates Office Equipment 12.50% Computer 30% d)statutory Reserves Transfers are made to the statutory reserve fund at the rate of 20% of the net operating surplus after tax provision of section 47(1&2) of the cooperative society act Cap490 e)trade and other Payables Trade and other payables are recognised initially at fair value and subsequetiy measured at amortised cost using the effective interest rate method Cash and Cash equivalent Cash and Cash equivalents comprise cash on hand and demand deposit and other shortterm highly liquid investments that are readly convertible to a known amount of cash and are subject to insignificant risk of change in value. Page 10

11 Notes to the Accounts for theyear ended 31st December Other operating income Entrance fee 45, , Co-op bank dividends Interest income (Fixed deposit) 555, , , Interest expense Interest on members deposits 17,000, ,000, Administrative Expenses AGM expenses 755, , Printing and stationery 37, , Committee sitting allowance 738, , Audit fees 35, , Depreciation 70, , Bad debts w/o 20, , Salaries and wages 389, , Telephone and postage 12, , Travelling expenses 18, , Medical insurance - 36, Software maintenance - 3, NHIF/NSSF/PAYE 69, , Interest on X-Mas/Holiday savings 399, , Committee Training 231, , Education to Members 209, , Strategy meeting 70, CRB Fees 18, Staff training 10, Totals 3,085, ,347, Other operating expenses Bank charges 205, , Insurance premiums 806, , ,011, ,009, Page 11

12 Notes to the Accounts for the year ended 31st December Cash and Cash equivalent Co-op bank Savings account 284, , Co-op bank current account (reconciled) 10,315, ,268, Fixed deposits 13,127, Jipange savings account 232, ,323, Total 23,959, ,776, Trade and other receivables 7,769, ,318, Loans to members At start of the year 162,830, ,761, Granted during the year 124,510, ,221, Repayment during the year (102,165,060.12) (106,151,839.00) At the end of the year 185,176, ,830, Other Financial Assets 1000 Kuscco , , , , Jipange land Savings 16,400, ,400, Members deposits At start of the year 155,516, ,602, Contribution during the year 74,087, ,361, Refunds during the year (45,615,423.45) (13,448,188.55) Totals 183,988, ,516, Page 12

13 CS/NO 3959 Annual Report and Financial Statements for the year ended 31st December, 2015 Notes to the Accounts for the year ended 31st December Property, Plant & Equipment Computer Printer Software Total Depreciation rate 30% 30% 30% Cost as at , , , Addition 170, , , , , , Accumulated depreciation As at , , , Charge for the year 16, , , , As at , , , , NBV , , , NBV , , , , Page 15

14 CS/NO 3959 Annual Report and Financial Statements for the year ended 31st December, 2015 Notes to the Accounts for the year ended 31st December Trade and other receivables Debtor Employer Old Mutual Ltd - - Uap Insurance Sudan 678, Uap Life Sales agents - - General Adjusters (k) Ltd 501, , Getrio Insurance Brokers 29, , Liaison Insurance Brokers - DSF 355, uap Insurance Co. Ltd 5,478, ,148, Homeland Insurance Brokers 70, , Faulu Microfinance bank 93, ,208, ,689, Debtors Ex-Members David wainaina 35, , Rose Waweru 2, , D W Mugweru 6, , S Wamunyu 6, , David Njiru 9, , Peter O Masi 1, , Alfred A Otanga 10, , Elizabeth Nase 180, , Irene Njoroge 26, , Caroline Mworia 282, , Joan Kagombe - 15, , , Total 7,769, ,318,801.84